To sign up for our daily email newsletter, CLICK HERE
Although we all know exchanges are secured at a certain level but using a middleman is upon at your risk and there are some people who will take a risk and some who do not want to use exchanges. There are some methods you can use to secure your bitcoin profile but today we will discuss the safest method which can be used to protect your bitcoin profile whether you are using exchanges for bitcoin trading or not.
Username & Password Authentication
Some non-bitcoin exchanges will provide the authentication to your profile with username and password which is not the safest method. Because in this era, hackers are advanced and they are familiar with hacking techniques to crack the username and password of your bitcoin exchange profile. Once they got access to your username and password, there is no option to protect them because they will transfer your bitcoin into their own wallet via web.
Do not go with the exchanges that are providing only username and password authentication for login and there are some exchanges that are not secure means can be easily hacked your account on these type of exchanges.
What is Two-Step Authentication?
Two-step authentication is much secured for your bitcoin wallet. As we know that there are many exchanges such as Bitcoin’s own exchanges and non-bitcoin exchanges.
Bitcoin exchanges provide two-step authentications but I suggest you check the 2-factor authentication or you can contact the exchange support and ask them about two-step authentication if they provide you can go with then otherwise try another exchange.
Two-step or factor authentication means you need a security token for login which will be sent to your mobile number or on your Google account.
I think you have heard about Google verification while you sign up for some websites, and when you enter your Google account information on another mobile Google asked to verify your account for security reasons and after confirmation, you can log in to another mobile phone.
In the case of bitcoin, two-step authentication works like Google verification. If anyone tries to access your account he cannot log in to your account without your permission.
Methods for 2F Authentication
Many exchanges provide different methods for two-factor authentication and it varies according to the type of exchange, But in this article, we will discuss the two main methods to secure your bitcoin account. There are the following ways to authenticate your account:-
- Google Authenticator
- Mobile Number Authentication
- Google Authenticator:-
To secure your bitcoin in your wallet, you can use Google authenticator which is an application for your mobile device. In some exchanges, platforms do not support this type of authentication. There are the following simple steps to enable Google authenticator for your bitcoin wallet:-
- Download and Install a Google authenticator application on your mobile device.
- Open the app and log in to the account or service you want to protect with the two-factor authentication.
- You will get an associate code and scan that code with your mobile device.
- After scanning the QR code your mobile device will be pair with the two-factor authentication.
- Now your account or profile of bitcoin is secured with bitcoin.
Every time you will log in to your account it will automatically verify your identity with the application installed in your account and it will generate a new 2FA code for your account means it is very secure.
Limitations of Using Google Authentication
- You must have a mobile phone in your pocket at all the time for the verification to your account.
- If you will lose your mobile phone or your mobile phone is stolen then another person who has your mobile phone can easily access your bitcoin wallet but in most cases, you can remove that Google authentication by log in to your other device.
- Mobile Number Authentication
It is also a secured form of authentication because in this type of authentication you will get an OTP for login to your profile. Its feature is also available in some exchanges. It is also a simple process:-
Enable SMS verification for your account every time you will log in it will send SMS to your mobile number and after entering the code sent to your mobile number you will access your account.